7April 2011 The Manager Companies Announcements Office Australian Securities Exchange FURTHER NAPPAMERRI TROUGH SHALE GAS PERMIT EQUITY ACQUIRED Adelaide Energy Ltd (ADE) is pleased to announce the execution of an Agreement with a private company to extinguish that party?s right to farm-in and acquire a 12.5% interest from ADE?s equity in ATP 855P in the Queensland part of the Nappamerri Trough (see attached map). The consideration for this extinguishment is $3M in cash and the issue of 7M ADE shares. The cash component is payable in instalments. ADE now has a 20% unencumbered equity interest in this tenement, which abuts PEL 218, the permit within which ADE has recently participated in a successful 2 well (Encounter-1 and Holdfast-1) shale gas drilling program. Commenting on the transaction, Carl Dorsch, ADE?s Managing Director, said: ?Through this transaction ADE has now cemented a strong unencumbered 20% equity position in this large and highly prospective permit, with a 82,942 net acreage position. The good recent results from our adjacent PEL 218 permit have provided strong indications of a very large gas prospective resource in the Nappamerri Trough, which also underlies APT 855P.?
ADE Price at posting:
18.0¢ Sentiment: LT Buy Disclosure: Held
